Housing for All Egyptians Initiative reach EGP 161b milestone – minister

Egypt’s Minister of Housing Sherif Sherbini revealed on Thursday that the direct construction cost of residential units under the Housing for All Egyptians Initiative, which began in 2014, has reached 161 billion Egyptian pounds ($3.3 billion)

In addition to the direct construction costs, the government has provided significant support to homebuyers. This includes direct cash subsidies totaling 9.5 billion pounds. Furthermore, indirect support, such as subsidised mortgage rates, infrastructure development, and land allocation, has amounted to an additional 73.5 billion pounds.

These combined investments demonstrate the government’s commitment to providing affordable housing options for Egyptian citizens.

Following President Abdel Fattah al-Sisi‘s directives, Sherbini stressed the importance of promptly addressing performance indicators and overcoming challenges to ensure the timely delivery of the units.

The Social Housing and Mortgage Finance Fund, led by Mai Abdel Hamid, has issued 17 housing announcements since June 2014, attracting 1.6 million applicants. This overwhelming response underscores the public’s confidence in the initiative.

Currently, 27,944 units for middle-income citizens and 248,000 units are under construction, while 68,000 units are being offered to low-income citizens. The programme has already delivered over one million units to low-income families.

Subediting: Y.Yasser